Lets Zoom-in to our Weekly chart shared previously and see what's happening in Sequent Scientific. As mentioned in our previous weekly view, a weekly close below 214 level may result in trend reversal (Downtrend) for this stock. Now, what can we see on Daily chart? 1)Today's close took support around 214-215 zone. 2)Bullish RSI divergence can be seen. Where Price making LL & RSI making HH. 3)RSI on weekly support (Check on weekly chart). 5)Upside gap yet to be filled.
Indications are at positive side but at the same time maintain cautiousness around 214 zone.
@adithyanu, Please make decisions of buying and selling as per your risk appetite.
The only thing I can comment here is, based on chart pattern, it is now making Lower highs (LH) & Lowe Lows (LL). Which is usually a indication of downtrend as per Dow's Theory.
Jenin007
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Can I hold this stock?
InvestSun
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@Jenin007, Sorry, but there is no direct answer to that from my side. I only study and interpret what chart is trying to say technically. And here, as I already provided my view, weekly close below 214 may push this stock to some more lows.
Please take entry and exit as per your risk appetite.
Appreciate your comment.
adithyanu
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@InvestSun, ya it bounced from 200 to 221 ,should i hold now or sell , juts say ur idea, wht would u do at this stage
InvestSun
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@adithyanu, For me, I already mentioned. My breaking point was at 214.
adithyanu
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@InvestSun, ya , but i saw some heavy buying at 200, thatswhy holding